Which came closer to its stated multiple, SMCX or SMCZ?

Over the window to Sep 30, 2026, SMCX finished 24.1 points from what its multiple implies and SMCZ finished 20.2 points from its own, so SMCZ came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are SMCX and SMCZ levered on the same thing?

Yes. Both are levered on Super Micro Computer, SMCX at +2 times and SMCZ at -2 times the daily move.

Which one decays faster, SMCX or SMCZ?

Decay follows how much the underlying moves about. Over this window SMCX’s moved at 86% annualized and SMCZ’s at 86%, so SMCX has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold SMCX or SMCZ for a year?

Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.

Which is cheaper, SMCX or SMCZ?

SMCX charges 1.32% a year and SMCZ charges 1.55%, so SMCX is cheaper. Fees come from each fund's prospectus.

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SMCX vs SMCZ: which held to its multiple?

Over three months against its own daily promise, SMCX finished 13.9 points short and SMCZ 1.1 points short. Defiance Daily Target 2X Long SMCI ETF and Defiance Daily Target 2X Short SMCI ETF.

+73.0%

SMCX returned, 3 months

−76.8%

SMCZ returned, 3 months

−24.1 pts

SMCX from its stated multiple

+20.3 pts

SMCZ from its stated multiple

SMCX · 3 months to Sep 30, 202624.1 pts short of its stated multiple

SMCX returned +73.0% while 2 times SMCI's move would have been +97.1%

SMCZ · 3 months to Sep 30, 202620.3 pts ahead of its stated multiple

SMCZ returned −76.8% while −2 times SMCI's move would have been −97.1%

ETFIQ Decay Resistance Score · SMCZ scores higherDid it keep up with its own daily multiple, compounded day by day?

SMCX among the 470 leveraged ETFs, long, over three months

SMCX 1

0.1, the lowest in this set99.9, the highest

SMCZ among the 125 inverse ETFs over three months

SMCZ 7.6

0.4, the lowest in this set99.6, the highest

A percentile among the 470 leveraged ETFs, long, over three months. SMCZ is a percentile among the 125 inverse ETFs over three months, a different set, so the two marks are not on one scale. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it → How it is computed →

Performance, window by window

	Total return		Multiple would give		Difference
Window	SMCX	SMCZ	SMCX	SMCZ	SMCX	SMCZ
1 month	+14.4%	−26.9%	+20.3%	−20.3%	−5.9 pts	−6.6 pts
3 months	+73.0%	−76.8%	+97.1%	−97.1%	−24.1 pts	+20.3 pts
6 months	+64.3%	−95.0%	+164.9%	−164.9%	−100.6 pts	+69.9 pts
1 year	−81.6%	−92.6%	−28.7%	+28.7%	−53.0 pts	−121.3 pts
Since launch SMCX Aug 2024 · SMCZ Apr 2025	−98.1%	−98.5%	−64.2%	−34.4%	−33.9 pts	−64.1 pts

SMCX and SMCZ over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

SMCX

Defiance Daily Target 2X Long SMCI ETF · Aims to return twice the daily move of Super Micro Computer (SMCI)

SMCZ

Defiance Daily Target 2X Short SMCI ETF · Aims to return twice the opposite of the daily move of Super Micro Computer (SMCI)

Issuer Defiance Defiance

Sets out to return +2x -2x

Underlying asset SMCI SMCI

Segment company company

Fund returned, 3 months or since launch +73.0% −76.8%

Underlying returned, over that window +48.5% +48.5%

What the stated multiple implies, over that window +97.1% −97.1%

Difference from stated, over that window −24.1 pts +20.3 pts

Fund returned, 1 year or since launch −81.6% −92.6%

Difference from stated, over that window −53.0 pts −121.3 pts

Underlying volatility 86% 86%

Difference over the days both have traded −24.1 pts no shared window

Expense ratio 1.32% 1.55%

Launched Aug 22, 2024 Apr 1, 2025

Net assets $192m $10m

SMCX and SMCZ on the same fields, as of Sep 30, 2026. Source: ETFIQ.

SMCX in plain words

Three months to Sep 30, 2026: SMCX returned +73.0% where its own daily promise gave +86.9%, 13.9 points short. Read the multiple against the whole window instead and 2 times SMCI's 48.5% implies +97.1%, which makes SMCX look 24.1 points short. 10.2 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. SMCX aims to return +2 times SMCI's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. SMCI moved at 86% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.

SMCZ in plain words

Three months to Sep 30, 2026: SMCZ returned −76.8% where its own daily promise gave −75.8%, 1.1 points short. Read the multiple against the whole window instead and −2 times SMCI's 48.5% implies −97.1%, which makes SMCZ look 20.2 points over. 21.3 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. SMCZ aims to return -2 times SMCI's move each day, then resets. Over longer, the daily results compound, so the total is not -2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.

Questions people ask

Which came closer to its stated multiple, SMCX or SMCZ?: Over the window to Sep 30, 2026, SMCX finished 24.1 points from what its multiple implies and SMCZ finished 20.2 points from its own, so SMCZ came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are SMCX and SMCZ levered on the same thing?: Yes. Both are levered on Super Micro Computer, SMCX at +2 times and SMCZ at -2 times the daily move.
Which one decays faster, SMCX or SMCZ?: Decay follows how much the underlying moves about. Over this window SMCX’s moved at 86% annualized and SMCZ’s at 86%, so SMCX has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold SMCX or SMCZ for a year?: Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
Which is cheaper, SMCX or SMCZ?: SMCX charges 1.32% a year and SMCZ charges 1.55%, so SMCX is cheaper. Fees come from each fund's prospectus.

Other comparisons

SMCX vs SMCC SMCX vs SMCL SMCZ vs SMCC SMCZ vs SMCL

SMCX on its own →SMCZ on its own →How every figure is computed →Standards and sources →

Where these figures came from

SMCX and SMCZ filings on SEC EDGAR ↗SMCX prospectus with the expense ratio (SEC) ↗Defiance page for SMCX ↗SMCZ prospectus with the expense ratio (SEC) ↗Defiance page for SMCZ ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, SMCX against SMCZ, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/smcx-vs-smcz

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.